[Newsbot]

Title: Walmart begins Visa ban with three stores in Thunder Bay, Ont. | CTV News
Category: Business
Posted By: uwish
Date: 2016-07-19 08:05:49
Canadian

[uwish]

ahh Canada, where everything is more expensive just because it can be.

[BartSimpson]

It must be freezing in Hell today because I'm actually applauding Walmart!

$1:

After months of negotiations, Walmart said last month it would eliminate Visa as a payment option at those stores because it believes it pays the retail giant too much in merchant fees.

Walmart says it's paying the banks too much money for doing something that actually costs about ten to twenty-five cents per transaction (and even less than a penny in the cases of the major banks). Then the bank charges a percentage on the transaction that captures more money than the transaction actually costs.

For instance: A 5% transaction fee is not unusual.

That's $5 on a $100 transaction or $25 for a $500 transaction when the actual cost for the transaction is the same regardless of the amount that's processed.

And now you see why the fucking banksters are pushing so hard for a cashless economy...that way the motherfuckers get a piece of EVERY transaction and they'll make it impossible to escape them.

The net result for consumers is the cocksucking banks levying an effective sales tax on all transactions. I just don't see how that kind of bullshit is legal.

So good on Walmart for telling the banks to go fuck themselves!

[OnTheIce]

BartSimpson BartSimpson:

For instance: A 5% transaction fee is not unusual.

That's $5 on a $100 transaction or $25 for a $500 transaction when the actual cost for the transaction is the same regardless of the amount that's processed.

And now you see why the fucking banksters are pushing so hard for a cashless economy...that way the motherfuckers get a piece of EVERY transaction and they'll make it impossible to escape them.

The net result for consumers is the cocksucking banks levying an effective sales tax on all transactions. I just don't see how that kind of bullshit is legal.

So good on Walmart for telling the banks to go fuck themselves!

5% is highly unusual in Canada.

The typical fees for transactions are 1.5% for Visa and Mastercard in Canada.

Wal-Mart is demanding they pay less per transaction than schools and charities.

[DrCaleb]

BartSimpson BartSimpson:

And now you see why the fucking banksters are pushing so hard for a cashless economy...that way the motherfuckers get a piece of EVERY transaction and they'll make it impossible to escape them.

The net result for consumers is the cocksucking banks levying an effective sales tax on all transactions. I just don't see how that kind of bullshit is legal.

So good on Walmart for telling the banks to go fuck themselves!

I don't know why more people don't see that! Even my Interac card now has a 'Visa' logo on it. Do people think that comes with no cost?

[BRAH]

BartSimpson BartSimpson:

It must be freezing in Hell today because I'm actually applauding Walmart!

$1:

After months of negotiations, Walmart said last month it would eliminate Visa as a payment option at those stores because it believes it pays the retail giant too much in merchant fees.

Walmart says it's paying the banks too much money for doing something that actually costs about ten to twenty-five cents per transaction (and even less than a penny in the cases of the major banks). Then the bank charges a percentage on the transaction that captures more money than the transaction actually costs.

For instance: A 5% transaction fee is not unusual.

That's $5 on a $100 transaction or $25 for a $500 transaction when the actual cost for the transaction is the same regardless of the amount that's processed.

And now you see why the fucking banksters are pushing so hard for a cashless economy...that way the motherfuckers get a piece of EVERY transaction and they'll make it impossible to escape them.

The net result for consumers is the cocksucking banks levying an effective sales tax on all transactions. I just don't see how that kind of bullshit is legal.

So good on Walmart for telling the banks to go fuck themselves!

More businesses are not using debit cards because the banks are screwing them too. As for credit cards, I had one that was paid off long ago never used it but every month I was getting dinged with service fees so I finally said Fuck you and cancelled it. If I need a credit card I will get a disposable one.

[Winnipegger]

DrCaleb DrCaleb:

I don't know why more people don't see that! Even my Interac card now has a 'Visa' logo on it. Do people think that comes with no cost?

I think that has to do with how Americans do things. After all, big corporations think everyone has to copy the United States. Canada has had a more advanced banking system for many decades, we had debit a decade or two before the US, but still some think backwards. I lived in a suburb of Richmond Virginia for 6 months in 1996, and Mimai Florida for 10 months in 1999/2000. Each area had a different debit card, one had "Most" instead of our "Interac", I forget which one. Each system covers 3 states. Because they don't have a nation-wide debit system, they introduced something called a "check card". A visa check card is processed by merchants like a credit card, but comes out of your chequing account like a debit card. It means you have a debit card in areas that don't have a debit system. Of course it means you still pay the same transaction fees as a credit card.

I don't have a credit card logo on my debit/ATM card, but got a notice today that they will mail a new one. This new one has the Interac "Flash" logo, and the MasterCard logo. I didn't ask for it, and don't believe "Flash" is safe.

[DrCaleb]

Winnipegger Winnipegger:

I don't have a credit card logo on my debit/ATM card, but got a notice today that they will mail a new one. This new one has the Interac "Flash" logo, and the MasterCard logo. I didn't ask for it, and don't believe "Flash" is safe.

I will never use contactless debit systems. I refuse to enter a card number into my phone for that reason. A password may not be very secure, but it's more secure than not having one!

The 'Visa' logo on my Interac card is for exactly the purpose you state. It can be used like a Visa card for online transactions, something that the Debit card can't do. And I didn't ask for it either, it just got sent to me and there is no other option but to have this.

And an interesting read, just at an appropriate moment:

The money revolution being perpetrated by the world's central bankers

[BartSimpson]

DrCaleb DrCaleb:

And an interesting read, just at an appropriate moment:

The money revolution being perpetrated by the world's central bankers

Over the weekend I bought 15Kg of silver because it's doing far better than my stupid savings account was.

[Winnipegger]

BartSimpson BartSimpson:

Over the weekend I bought 15Kg of silver because it's doing far better than my stupid savings account was.

Be careful. Check out the conditions. Years ago one of my friends bought bars of silver form his bank. It was certified and had a stamp on each bar. When he went to cash them in, they demanded each and every bar be sent for assay. That's a chemical test to determine the purity of silver. They wouldn't accept their own certification. Assay cost for each bar was $15. Each bar was worth less than $15. Bottom line he couldn't get his money back.

[BartSimpson]

I bought 550 US Eagles from the US Mint. There's no question about their purity.

[Winnipegger]

BartSimpson BartSimpson:

I bought 550 US Eagles from the US Mint. There's no question about their purity.

Good luck. The TD bank gave the same assurance to my friend when he bought silver bars. It's not a question of purity, it's about screwing the consumer. Ensuring you don't have an alternative than the high fees they charge.

[DrCaleb]

Winnipegger Winnipegger:

BartSimpson BartSimpson:

I bought 550 US Eagles from the US Mint. There's no question about their purity.

Good luck. The TD bank gave the same assurance to my friend when he bought silver bars. It's not a question of purity, it's about screwing the consumer. Ensuring you don't have an alternative than the high fees they charge.

I've always bought gold and silver coins from the Mint. That way, they'll never be worth less than the face value of the coin.

http://www.mint.ca/store/buy/Best-Selli ... -cat490001

http://www.mint.ca/store/buy/silver_coi ... 4B.node1-2

[BartSimpson]

Winnipegger Winnipegger:

BartSimpson BartSimpson:

I bought 550 US Eagles from the US Mint. There's no question about their purity.

Good luck. The TD bank gave the same assurance to my friend when he bought silver bars. It's not a question of purity, it's about screwing the consumer. Ensuring you don't have an alternative than the high fees they charge.

1. Your friend's experience with TD Bank is another reason why I hate those fuckers in the banking cartels.

2. Fuck the banks.

3. Fuck the banks.

4. Monetary silver is not silver buillion of questionable origin. In the US (at least) it is a felony to disparage the currency by questioning the content of stated silver in coinage. If it says 99.99% pure then it is.

5. Fuck the banks.

[Brenda]

DrCaleb DrCaleb:

I will never use contactless debit systems.

The 'Visa' logo on my Interac card is for exactly the purpose you state. It can be used like a Visa card for online transactions, something that the Debit card can't do. And I didn't ask for it either, it just got sent to me and there is no other option but to have this.

You can get the "flash" or tap option disabled. That way, when you lose your card, they need to know your pin to get to your money.
As for the Visa option... without the address matching, no one can purchase online with your lost or stolen card.